WASHINGTON - U.S. Senators Jeff Bingaman and Tom Udall and U.S. Representative Ben Ray Luján today announced that the University of New Mexico (UNM) has received a $143.4 million federal loan guarantee to construct and equip a state-of-the-art, 68-bed teaching hospital in Rio Rancho.
UNM will receive a $143,425,000 Section 242 Federal Housing Administration (FHA) loan guarantee through the Department of Housing and Urban Development to fund the new Sandoval Regional Medical Center, which will be comprised of a 200,000-square-foot, 68-bed hospital and a 40,000-square-foot connected medical office building on 18 acres of land currently owned by the university.
The Regents of the University of New Mexico have authorized an approximate $49 million contribution to the project. During construction, the project is expected to generate $386.4 million for the local economy and support 1,877 jobs. Once the building is complete, the hospital is expected to support 1,521 full time employees and contribute $253.6 million to the local economy each year.
"Sandoval County continues to grow. This new hospital will bring more quality health care to the region," Bingaman said.
"This loan guarantee is wonderful news for the Rio Rancho area," Udall said. "This new hospital will mean another quality choice for medical care for New Mexicans, thousands of new jobs for the area, and big boost for the local economy."
"I am pleased to see the construction of the UNM - Sandoval Regional Medical Center coming to fruition," Luján said. "The new facility will not only provide health care to the rapidly growing city of Rio Rancho, but will also help address the shortage of health care professionals in neighboring underserved areas. Further, this project will provide hundreds of new high-paying jobs for New Mexicans during the construction phase and upon its completion."
The new facility, with six operating rooms and a 13-bay, Level III/IV Emergency Department/trauma center, will serve as a community teaching hospital with a high surgical case load. It will provide inpatient and outpatient services including cardiology, gastroenterology, general medicine, general surgery, orthopedics, oncology, pulmonary, and behavioral health. Space also will be provided for clinical teaching. The hospital's footprint is designed to eventually accommodate a 300-bed facility.
